ADVANCED MEDICAL FOURTH QUARTER NET INCOME RISES TO $2 MILLION, COMPARED TO A NET LOSS OF $1.4 MILLION
Actions To Further Improve Profitability Planned For 1993 SAN DIEGO, March 8 /PRNewswire/ -- Advanced Medical Inc.
(AMEX: AMA), which through its IMED Corp. subsidiary is one of the country's largest manufacturers of intravenous infusion pumps and disposable administration sets, announced today that net income for the fourth quarter ended Dec. 31, 1992, rose to $2,056,000, or $.14 per share, compared to a net loss of $1,443,000, or $.12 per share, for the fourth quarter of 1991. Revenue for the quarter increased 13 percent to $40,940,000, slightly higher than previously anticipated, compared to $36,385,000 for the prior year, while operating income rose to $5,257,000 from $3,487,000 a year ago.
"IMED is the key to Advanced Medical's goal of building value for our shareholders. We are planning, and soon will announce, a series of steps designed to accelerate achievement of Advanced Medical's strategic growth and profitability objectives by focusing on IMED and its program to commercialize new patented technologies," said Richard D. Propper, M.D., chairman. Propper explained that the company plans to further reduce costs through simplification and rationalization of operations and corporate structure and to expedite development and commercialization of a family of advanced, proprietary infusion pump products. Propper noted that the steadily increasing installed base of IMED's infusion instruments contributed to higher sales of proprietary disposables in the fourth quarter. He said that the increase in revenue also reflected initial sales of IMED's new PC-4 four channel infusion pump, the only instrument in the world that can simultaneously deliver four infusions from four independent lines. Propper added that operating income for 1992 increased to $10,772,000, from $630,000 for the prior year. He said that this substantial gain in operating profitability primarily reflects cost reductions achieved through the sale of the company's European distribution operations and the close down of its Controlled Therapeutics Corp. (CTC) subsidiary in mid 1991. For the year ended Dec. 31, 1992, Advanced Medical reported income before minority interests and extraordinary items of $2,121,000, compared to a loss before minority interests and extraordinary items of $14,573,000, for 1991. After an extraordinary loss of $8,632,000 related to the extinguishment of debt, the net loss for 1992 was $12,908,000, or $.92 per share, on revenue of $128,286,000. This compares to a net loss of $19,839,000, or $1.65 per share, including an extraordinary loss of $1,236,000 from extinguishment of debt, on revenue of $127,131,000, for 1991. "The actions we anticipate implementing in 1993 are expected to contribute to further improvement in profitability in the future," Propper concluded. ADVANCED MEDICAL INC. Fourth Quarter and 1992 Condensed Consolidated Statement of Operations (Unaudited) (In thousands, except per share data) Three Months Ended Dec. 31, 1992 1991 Sales $40,940 $36,385 Income from operations 5,257 3,487 Net interest income (expense) (2,051) (3,955) Income (loss) before minority interests & extraordinary item 4,055 832 Extraordinary item (loss) 266 (1,236) Net income (loss) 2,518 (1,051) Dividends on preferred stock 462 392 Net income (loss) applicable to common stock 2,056 (1,443) Net income (loss) per common share before extraordinary item $.12 ($.02) Net income (loss) per common share after extraordinary item $.14 ($.12) Weighted average common shares outstanding 14,203 12,349 ADVANCED MEDICAL INC. Fourth Quarter and 1992 Condensed Consolidated Statement of Operations (Unaudited) (In thousands, except per share data) Year Ended Dec. 31, 1992 1991 Sales $128,286 $127,131 Income from operations 10,772 630 Net interest income (expense) (8,980) (14,939) Income (loss) before minority interests & extraordinary item 2,121 (14,573) Extraordinary item (loss) (8,632) (1,236) Net income (loss) (11,076) (17,590) Dividends on preferred stock 1,832 2,249 Net income (loss) applicable to common stock (12,908) (19,839) Net income (loss) per common share before extraordinary item ($.30) ($1.55) Net income (loss) per common share after extraordinary item ($.92) ($1.65) Weighted average common shares outstanding 13,962 12,012 -0- 3/8/93 /CONTACT: Stanley S. Anders III, CFO of Advanced Medical, 619-566-0426; or Dr. Neil G. Berkman of Berkman Associates 310-277-5162, for Advanced Medical/ (AMA)
CO: Advanced Medical Inc. ST: California IN: MTC SU: ERN
BP-JL -- SD002 -- 3841 03/08/93 09:06 EST
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|Date:||Mar 8, 1993|
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